Attention: Bybit flagged by Hong Kong regulator as suspicious.

Bybit Under Scrutiny in Hong Kong as License Application Remains Under Review

Hong Kong's financial regulator, the Securities and Futures Commission (SFC), has classified Bybit as a "suspicious" cryptocurrency trading platform. This action coincides with Bybit's ongoing application for a virtual asset trading platform (VATP) license in Hong Kong.

SFC Raises Concerns:

The SFC flagged 11 of Bybit's investment products, including futures contracts and wealth management services, as potentially problematic. The regulator expressed concerns that these products are not licensed for operation within Hong Kong.

License Application in Process:

Despite the recent scrutiny, Bybit's Hong Kong entity, Spark Fintech, submitted a VATP license application to the SFC in January 2024. The outcome of this application will determine Bybit's legal standing to operate in the region.

Uncertain Future for Bybit in Hong Kong:

With the SFC's warning and the license application still under review, Bybit faces an uncertain future in Hong Kong. Investors and users should closely monitor developments to stay informed about Bybit's potential operations within the jurisdiction.

Movies Plus Makes Waves as First Streaming Platform to Accept Bitcoin

Movies Plus is breaking new ground, becoming the first major streaming platform to accept Bitcoin as a payment method. This move allows subscribers to pay for their monthly subscriptions using the leading cryptocurrency, joining a growing list of companies like Microsoft, AT&T, and Namecheap.

To ensure a smooth user experience, Movies Plus has partnered with Flash, a payment processor that utilizes the Bitcoin Lightning Network. This technology facilitates faster and cheaper Bitcoin transactions, making it a more practical option for everyday purchases.

With Netflix, Hulu, and other streaming giants still hesitant towards cryptocurrency payments, Movies Plus stands out as an innovator in the industry. This decision could attract tech-savvy users and signal a potential shift in how consumers pay for their entertainment subscriptions.

El Salvador's Bitcoin Holdings Exceed Previous Estimates by Thousands

This week, the Bitcoin-forward nation of El Salvador transferred $400 million worth of bitcoin – described by its President, Nayib Bukele, as "a big chunk" – into a cold wallet. Bukele referred to this new arrangement as "our first #Bitcoin piggy bank" in a post on X (formerly Twitter). He stated that El Salvador stored the cold wallet "in a physical vault within our national territory" and shared a photo of a wallet containing 5,689.68 BTC, valued at $411 million based on Thursday's prices.

El Salvador made history in September 2021 as the first country to acquire bitcoin as a treasury asset when the price of a single coin was approximately $52,000. As of Thursday, BTC prices had surpassed $72,000, although over the past 24 hours, the asset fluctuated between above $73,000 and as low as $68,000.

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